THIS MORNING: A Greek Patriot battery intercepts drones over Yanbu?

Good morning. Saudi Arabia’s strategic infrastructure push into Syria is seeing a series of transport, railway, aviation, and data agreements signal Riyadh’s intent to secure new overland and digital routes while reducing its exposure to regional maritime chokepoints. We also examine the aftermath of 2025's IPO boom on Tadawul, where six out of seven listings are trading well below their offer prices — highlighting a growing disconnect between heavy primary-market oversubscription and secondary-market reality.

Happening tomorrow

The fifth edition of the LEAP Tech Conference will kick off in Riyadh tomorrow and run through Thursday (3 September) at the Riyadh Exhibition and Convention Center. The conference will highlight data center, cloud, and chip investments alongside Agentic AI and Arabic-first tech, while addressing talent shortages as a major topic.

Intercepted drones over Yanbu

A Greek-operated Patriot battery in Saudi Arabia intercepted a swarm of drones over the Yanbu region on Thursday, launching three missiles in coordination with Saudi air defenses, Greek security sources told Reuters. It was the third combat use of the system since the US-Israeli war on Iran began. The sources didn’t specify how many drones were downed or where they came from.

Why it matters: Yanbu is an export pressure point for Saudi and has been doing more work as Aramco shifts crude around both chokepoints — and is now itself coming under attack. Aramco has been using Sohar in Oman to move barrels east to China and shifting some Yanbu loadings west to Egypt’s Sidi Kerir as Houthi threats disrupt Red Sea shipping.

Speaking of drones… A Saudi security delegation held talks with Iraqi officials in Baghdad on Thursday to talk border control, intelligence-sharing, and preventing drone attacks on Saudi targets launched from Iraqi territory, according to Iraqi state news agency Ina. The two sides agreed to strengthen coordination through a permanent joint committee, The New Arab reported citing a senior Iraqi security official.

IN CONTEXT- The talks land as Baghdad faces pressure to rein in Iran-aligned armed factions on its soil. This is the third round of talks since 29 July, when Saudi and US airstrikes hit Iran-aligned Iraqi armed groups following drone attacks on Saudi energy facilities that Riyadh said originated from Iraq. Iraqi PM Ali Al Zaidi’s planned visit to Riyadh, originally set for 30 July, remains postponed after being put off amid that escalation.

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Mawani gives importers 90 more days

Mawani is extending storage-fee grace periods at two eastern ports. The Saudi Ports Authority pushed the grace period for storage fees at King Abdulaziz Port in Dammam and Jubail Commercial Port by 90 days, to 2 November, it said on X. The extension covers containers, trailers, standard containers, and dangerous goods (IMDG), with the grace period for empty imports extended to 20 days.

REMEMBER- In May, Mawani had capped transit storage-fee exemptions at 15 days for a two-month stretch, applied to transit cargo at Jeddah Islamic Port and general cargo and RoRo at King Abdulaziz Port in Dammam, King Fahd Industrial Port in Yanbu, Yanbu Commercial Port, and the Port of Neom.

Why it matters: Longer grace periods let importers leave cargo at port without storage fees, which matters more as disrupted shipping stretches transit and makes clearance less predictable. The waiver helps keep congestion from adding to importers’ higher freight and war-risk costs, while giving Mawani more room to manage eastern ports as trade flows shift across the Kingdom.

Saudi stands by FIFA chief

The Saudi Arabian Football Federation (SAFF) has reaffirmed its support for FIFA president Gianni Infantino, even as he faces mounting criticism over the collapse of the governing body’s controversial FIFA Forward Enterprise proposal, it said on X. The federation welcomed FIFA’s acknowledgment of mistakes, its apology, and its decision to scrap the proposal, and called for direct dialogue to restore unity.

What happened? Infantino, seeking a fourth term in March 2027, is facing growing opposition after proposing to sell a 20% stake in a commercial entity holding FIFA tournament rights. UEFA, the Asian Football Confederation, and CONCACAF have discussed a potential no-confidence vote, and several countries have withdrawn support for his re-election bid. He retains backing from the African and South American confederations and has been appealing directly to individual FIFA members.

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The big story abroad

The economic tightening on Iran appears to be taking hold, with sanctions and a naval blockade prompting Iranian imports and exports to fall between 25% and 35%, according to Iranian President Masoud Pezeshkian. Meanwhile, Supreme Leader Mojtaba Khamenei called for greater economic self-reliance and lower dependence on the greenback, championing what he termed a “Resistance Economy.”

Trump’s barrel bargain faces backlash: An agreement between Washington and Caracas to grant a US-led company 100-year concessions over 17 oilfields that contain more than a fifth of Venezuela’s reserves has been blasted by the country’s opposition figures and some government supporters. US President Donald Trump had said the agreement will give the US control of more than 65 bn barrels and lower domestic gas price, which has been on Washington’s agenda since removing Venezuelan President Nicolás Maduro.

From the US-China tech race, Chinese chipmaker ChangXin Memory Technologies sued the Pentagon for placing it on a blacklist that identified the company as a supporter of Beijing's military. The company — blacklisted under the Biden administration — is China’s leading DRAM chipmaker, powering smartphones, PCs, servers, and AI systems, and saw its revenues surge 874% in 1H 2026.

Disaster in Nepal: Nepal is resuming its search and rescue for nearly 3k people missing after devastating floods killed at least 669. The disaster caused widespread infrastructure damage, with repair costs estimated at up to US 5 bn.

Circle your calendar

The fourth UNESCO Global Forum on the Ethics of AI runs 14-16 September in Riyadh. Hosted by Sdaia with the International Center for AI Research and Ethics (ICAIRE), this edition (pdf) will feature ministerial sessions on AI in diplomacy and how to finance ethical governance, while parallel tracks dig into the sharper questions: AI’s demand for energy and water, its effect on youth mental health, the dual-use biosecurity risks of AI-enabled synthetic biology, and gender-responsive governance. UNESCO will also launch its RAM 2.0 readiness tool.